We have some good news, and we have some bad news.

First the good news. A little common sense is breaking out both within and about Japan. Within Japan, an election seems almost certain for the month of May. Comfy in his captain's chair, Prime Minister Aso is at present testing his 19% level of public support and – with helpful advice from Mr. “structural reform” Takenaka Heizo – is hoping to ride out the storm and his legal tenure. Japanese constitutional law requires that an election be called by September, and both Aso and Takenaka apparently believe that by then there will be some kind of recovery of the economy both globally and within Japan. They also seem to be betting that Aso's YEN 2 trillion cash payout to residents (about YEN 12,000 per taxpayer) will boost support, even though upwards of 70 percent of poll respondents apparently see it as wasteful (which it is).